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"Breeze
22
HONG KONG DAILY PRESS, WEDNESDAY, APRIL 11, 1934.
At Company Meeting
BONUS TO A RETIRING DIRECTOR
Shareholder Seeks Explanation
A bonus of $5,000 paid to a retiring managing director was the subject of a series of questions at the Annual Meeting of Messrs. Gande Price & Co., Ltd.
Mr. C. Bond; a shareholder and former manager of the Com- pany asked why this sum was paid.
Mr. J. F. Shea replying on behalf of the Directora pointed out, in the course of a lengthy speech that the question raised
of order. was personal one and was therefore out
1
Mr. Kenneth Chan, the Chair- notice. They gave him the three man, in his speech, sald: Gen-months' saldry in leu or notice. tlemen,
Before proceeding with the bu- kiness of the meeting. I should like to express the regret of your Directors at the loss they have suffered by the death of Mr.
as they were bound to do under his agreement. During those 23 years he was with the Company it was flourishing and dividends were paid every year. Why, then, should Mr. Pank receive such re-
Mr. Bond:Yes.
Mr. Shea--Then I move that it Is irregular.
Mr. Bond:-I do not think it is irregular.
Reverting to the balance sheet, Mr. Bond drew the attention of the meeting to the outstanding accounts in respect of harbour business, pointing out the increase from $8,000 last year to over $15,000 this year.
The Chairman:-A lot of
PO LEUNG KUK THE FIRST MRS.
Mr. Ng Wah Inducted As Head
FRASER
Brilliant Premiere Promised
Mc. Ng Wah, J.P. a well known philanthropist, was inducted Principal Member of the Committee of Manage, mout of the Po Leung Kuk at an
The Dress Rehearsal of The First gave promise of a interesting ceremony held yesterday. Mrs. Fraser Those present included the Hon. Dr. brilliant Premiere to-night at the The S.W. To, Hon. Mr. T.N. Chau, Mr. China Fleet Club Theatre. Kwok Siu Lau, Alt. Li Tick-Mui and A.D.C. have gone into fresh fields many prominent Chinese merchants. for their latest venture. They!
pandered to our taste our
for the sinister, by that gruesome murder story "Payment" Deferred"—They had us on "tenterhooks when we
customers SLAR Customs officers who are in the interior of China and seldom pass through the Colony? We do our best to collect
the amounts.
Mr Ng Wab who is a well known building contractor of Hongkong and Canton, is already on the Boards of a number of other philanthropic bodies, being Chairman of the Fok Si Bos- pital in the Naw Territories, member of the Committee of the Alice Mem. orial Hospital, and of the Committee of the Society for the Prevention of Cruelty to Children. He was one of the diractors of the Tung Wah Hos pital a few years back, being also a member of the Finance and Building" Committee formed for the purpose of carrying out the present extension of the Hospital.
saw that thriler: "Ten Minute. Aubi and now they are giving us a most amusing little modern
in that typical Marie comedy Tempest play, The First. Mirs. Fraser......by which it is understood that we may expect something bright and snappy and amusing, and sufficiently “riske" without really quite overstepping the mark! The plot deals with the matrimonial tangles' of one "Fraser"" and the piquant altua- lant, to those who are still plough-
Mr. Shea: Comparing the balance sheets for 1932 and 1833 there certainly is some difference in the outstanding accounts. For 1932, the harbour business was given as 88,700 and in 1933 that amount has been almost doubled. Also in regard to local sales there 0.0 increase of has been shown $4,000. That makes a total dif His connection with the premier ference of nearly $12,000. There Chinese philanthropic institution of Leang Yan Po. which occurred? cognition in these day of depres- has been no increase in the har- the Colony dates as far back as tions will certainly prove a stimu-
bour sales although there has the year of the General Strike, geen a considerable increase In (1825) when lie was appointed by considering the yearly turn-over Walt Hospital in the vital task of is something like half & militon Since 1932 He has been Vice-Chairman maintaining public, food supplies. of the Directors. The only satis-dollars, I do not think an cut- faction I got from the Board was standing account of only 10 per of the Committee of Public Dispen-
yaries, Central district
In business circles, Mr. Ng Wah has a letter stating that they appre-
been identified with many important clated my long and faithful ser-
during the year, and to place on record their appreciation of his valuable services during his as- sociation with the Company as a Director.
The report and statement of
been in your
accounts having hands for some time, I will, with your permission, take them as
sion of trade?
The Chairman:--That was all arranged by the late Board of Directors.
Mr. Bond:--But you were one
regard to local sales. However, the Government to nasist the Tungit mates of matrimony."
may be construed as a warn-
cent, is too high. If you' look, at the balance sheets of other com-
all second wives that even in the hour ing to
of triumph it Is still advisable to "watch their step," while to those who are still ' in the throes of their first ma- trimonial adventure, it ought to
Your Directors regret the vices, but owing to extra rent and panies who carry creditors you | building projects in the Colony, boing | serve as a distinct encouragement will find that the outstanding awarded the contract by the Gover ......since it seems that even should
read. results for the year under review show a loss on working account of $17.117:58, which after deduc- ting the balance of $5,599.31 brought forward from Profit and
Lass Account for 1932, leaves a debit balance of $11,513:27, which your Directors propose to carry forward to this year's account.
There were various causes con-.. tributing to the loss. During the past year we had far keener com- petition than previous years, and to meet it we have had to reduce which, while our selling prices, benefitting our customers, has reduced our proats. In "order to increase
sales our
we had to spend more money in newspaper and other advertisements. Our advertising account fias, therefore increased over $2,000 compared to that of last year. We were also very unfortunate in certain old stocks. which became ullaged, and de- preciated in bond, thereby caus- ing a heavy loss. The amount actually, written off is $10,000, but this item will not again occur.
wus
Better Supervision
warehouse expenses they had to dispense With my services. Items are very much higher. save the best 23 years of my life to the Company. Surely I
entitled to some compensation, same recognition if Mr. Pank gets $5.000. He drew a fat salary and Directors fees each year. It is not fair on "the shareholders.
|
|
Mr. Bond also drew attention to the fact that one of the servants of the Company had previously absconded with the sum of $20,000 which had been allowed to ac- cumulate.
5
The adoption of the report and accounts was then carried.
mont for the Aberdeen Reservoir works. In the City he built the Queen's Theatre and the Pedder Building, of the latter of which he is the proprietor.
For his valuable public services in general, Mr. Ng. Wah was made a J.P. last year..
LICENCES TO
SELL MEAT
Former Decisions
Modified
their chosen partner be tempted to desert, in favour of an even-
better-half, the odds are still de- cidedly in favour of the first edition
This play serves to introduce # few old favourites and some new- comers Mrs. Grossman is always charming in all parts and on all occasions and is delightful as the first wife, Mrs. Miskin makes a re-appearance in (for her) a new kind of part while. Mr. Champkin also re-appears for the first time since his success in "Dear Brutus Mr. Mackinley had only a small part in Payment Deferred since he was the unfortunate "murderee" and perished miserably in the first act.....so let us wish him a longer life and a better deal this time Mrs. Jupp. Mrs. Elder and Mr. McElvey are all welcome as new-1 comers and we may anticipate a big success for the Erst perform- ance to-night.
Acwo.
CORRESPONDENCE
A' Director's Reply
Mr. Shea said he was sure a Mr. J. F. Shea: As one of the repetition of that affair would not directors I would like to say a take place. "The management are word ΟΙ two. As regards Mr.
not doing things in a slip-shod Bond's grievances I submit that it way now. All "accounts are being is entirely a personal affair and looked into regularly and no-one's therefore it should come through word is being taken for granted. some other shareholder, and not At every Board meeting we, look through Mr. Bond himself. into every account. We no longer IL Mr. Bond has A real allow a man to go out and collect grievance to make to the Com- and have the chance to accumu- pany. I think this is hardly the late large sums. I would hate to time to do so. As regard Mr. criticise the old management at Pank's bonus of $5,000, that was this time for what occurred given by the Board of Directors. couple of years ago, but it is a
At the Sanitary Board yesterday, Mr. Pank was connected with this matter to be severely censured over which Mr. R. D. Forrest Company for a very long time that the management should have presided, the following motion was and he had been Managing Direc~ allowed a man to accumulate sach
unanimously passed that the tor for years. Mr. Pank was also heavy sums and abscond with the Board modify its decisions of 12th instrumental in making the Com- Company having no redress.
August, 1924 (to refuse all applic- pany what it is. For these reä- Mr. R. P. Phillips: I might acons for utentes to sell meat in If you will take into account sons we approved, on his retire-point out that a great deal of the Health Districts Nos. 5 to 9 inclu that we paid $5,000 bonus to our ment, that a certain sum be gt-outstanding accounts in regard to sive) and of 20th April, 1926 (that **** late Managing Director on retire?ven to him.
Harbour business have been colo cences be issued to sel meat ment, that we have also expended As to the Chairman's speech of lected since the balance sheet was about $5,000 on the renovation last year and his promise of good made up.
and sh on the peninsula, "with cervain exceptions), by the addition and general amelioration of the business for the Company under
of the words. provided that the Ofice, transforming it from a the new management, I do not
Select Committee for Special Food very shabby one to one that is think any shareholder has any now a credit. to our Company, and kick against a Company which
Licences may in their discretion that we have also made alterations can pull through such a depres-
grant cences for the sale of these sion as has existed during the
articles in premises of a superior and repairs to one of our most im- portant assets, the "Topnotch" past year as this Company, has,
Pe and Atted with an approved modern chilled storage apparatus'. launch, to 201 amount of over without showing an actual loss, $2,000, you will realize that the Really the Company did not show
motion the in proposing the loss on the year's working is a loss last year. In writing off
Chairman said that although it practically nil, as none of these as they did all bad wines, they
appeared as though the changes were drastic, actually there was have only been trying to present Items should appear for some years to come.
a true statement of accounts to Shea.
nos much change and the motion the shareholders. I feel sure we
Those
merely laid down the grounds on
Dear Sir,While views are being would be severely criticised if Kenneth Chan (Managing Direc-
which "the committee, might con-
aired on the subject of lack of when we take stock we did not tor), Wong Sik Chung and J. "F.
sider cases to be exceptional public support for out Amateur take into consideration bad wines. ( Shea (Directors). J. N. Wong There were several things to guard Dramatic performances, may be The sum of $10,000, had been (Secretary), R. P. Phillips, Dagainst in the matter of granting allowed to criticize the policy of written off in this connection. Rumjahn, Tsui Ho Tseung, Lam food licenses and the first of them preferential treatment in the mat- No-one will criticise us for that. Shiu Wan, Lam Yuk Ching. Lai was the question of pure food, ter of advance booking. In this
The Board and the Chairman Hok Ping and C. Bond (share-
which the motion before the Board respect, only the more afluent can only be optimistic and
say holders).
adequately provided for. The next class is catered for the man of they are optimistic as regard good
Was the question of preserva- limited means, possibly with business. No-one can guarantee.
tion of теплопаре rights of family, cannot book a seat under Licensed staliholders, who should 23 or 84. I applied as Andersons petition. It will be noted that the Fraser but was sold I could only motion provided for refrigerators, get it at the theatre on the night etc, which would tend to prevent of the performance. In other competition with stallholders,
words "queue up???
Disappointment
Other Business
On the motion of Mr. R. P. Phillips, seconded by Mr. Tsu Ho Tseung, Mr. 3. F. Shea was re- elected a Director of the Com- pany
Messrs. Lowe, Bingham and Matthews were re-elected auditors, on the motion of Mr. Wong six Chung, seconded by Mr. J. F.
present were Messrs.
All letters intended for publi. cation must be accompanied by the name and address of the writer, not for publication, unless so desired but as evidence of good faith.ED.
ALL SEATS BOOKABLE
To the Editör, of the "Hong Kong Daily Press"]
You will also observe that Goodwill has been eliminated from the accounts" by the trans- fer of $10,000 from General Reserve.
During the past year we have been looking forward to brighter prospects, but I regret to state so far our hopes have not been realized, owing to the adverse I think the Directors have done circumstances. we have had to their best to put their shoulders LOCAL FOOTBALL be protected against und in come for a 83 seat for "The First Mrs.
"A Young Director"
contend with. We trust that we to the wheel to carry the Com- shall have much better results to pany through these days of de- place before you; for this year. pression, and I do not think any In conclusion, Gentlemen, I shareholder can really kick about have much pleasure in proposing | the management of the business. the adoption of the report and Statement of Accounts as pre- sented, and after they have been seconded. I shall be pleased to answer to the best of my ability any questions. shareholders may desire to ask.
Mr. D. Rumjahn 'seconded, and
· said: Although we have lost $17,117,58 during the past year when we take into consideration
Mr. Bond: With due deference
to your remarks, you are only
a young Director of the Company
that this sum was almost entirely Krievances. I say the made up by increased expenditureholders' meeting 13 the place of $2,000 in advertising, $5,000
HUL
Next Saturday's Matches
Division I.
47
are
#
Mr. M, K. Lo seconding the adop- I think it would pay the A, D, C, tion of the motion said that even to fall into line with other enter- if the result meant a greater de-tainments and make "All Seats parture from existing practice he Bookable. Yours etc.
feit sure the members of the board The following matches and I do not think you have the
would welcome it. It was emine ability to speak of Mr. Pank's past arranged for next Saturday:
ently desirable that the Board work for the Company. You know
should have authority to grant nothing about it. Mr. Pank was
R Navy v Athletic. - Caroline licenses in cases contemplated by not even in the Company at the
the restrictions in the motion. time you joined.
Division III. You state that
Those present at the meeting "this is not the place to
8. China v. Recreio, Kowloon were air
F.C. ground. share-
Mr. R. A. D, Forrest. (Chairman), Radio v. RAS.C., Military H.V. The Hon. Mr. R. M. Henderson. The RA and Recreio, División The Hon. Mr. N. L. Smith, Dr. bonus to our late managing direc- Mr. Shen:-I do not think it league match will now be play-J. M. Gray, (M. "O. B) Mr. Wong tor on his retirement, writing fair for you to speak. In this ed at Caroline Hill instead of Eco- Kwong Tin, Mr, M. K. Lo, Mr. F. down stock of $10,000 and depre- strain. If I was in your shoes kunpoo, kick off 3.15 p.m.
C. Hall, Mr LC. F. Bellamy. Dr. diation of $5,000 for renovation and had your grievance to make,
Li Shu Fan, Dr. R. A. de Castro of the Office, we have not done especially when the grievance is
Basto, Mr. C. J. Roe, (Secretary), so badly after all, in view of the personal, I would certainly get
and Mr. Im Ping-tseung (Assistant fact that the Company has more hold of one or two shareholders to
Secretary), competition, coupled with world wide depression in trade. Mr. Bond's Question
the
to air grievances,
The
Novara, April 9.
representatives of
46
speak on my behalf. I move that nations arrived at Stresa in order it is entirely irregular, If some to take part in the Congress. Of other shareholder were to ask why the International Association of Mr. C. Bond-Mr. Chairman, is one person treated one way and
Construction. Transocean another person another way Min.
Kuo In your report last year усти stated that under the new mana- would probably carry some weight. gement your harbour and shore But a personal grievance does not sales were greatly advancing. The Carry weight. present balance sheet does not bear out that statement at all. I would also like to ask what the $5,000 granted to Mr. Pank was far?
The Chairman:-That $5,000 was given to him on his retire- ment after 20 years' service with "the "Company.
Mr. Boad: I am not making my complaint to the shareholders. I am making it to the Board of Directors. Why should this man get $5,000 when he has not done 50 much as 17
♪
Rome, April 9.
PRESENTATION TO MRS. DANN
The International Institute of
Mrs. F. W. E. Dann, who is Agriculture held a first meeting shortly leaving for Home was-pre-
♫
DEMOCRAT. Hongkong. April 12, 1834.
GUNBOAT CAUGHT IN STORM
H.M.S. Mantis Forced To Up Anchor At Changsha
Changsha, Mar, 22.- -| Changsha experienced the heaviest wind storm on March 20 it has had for five years. The British gun-boat Mantis Was BD- hored opposite the Customs landing, bug was unable to hold her position. Her anchors kept dragging, so she was forced to steam down the river to the north- ern edge of the city, where there is a little more room in the chan- nel
Several smail boats
were
for the study of unification of seated with a carved lacquer damaged and the public ferries agricultural methods in respect to paket by Mrs. A. W. Ingram at a stopped running for several hours. their international commerce.-
Servide dance held in the West There was a larga junk loaded with Transocean Kuo Min.
Lounge of the European Y.M.C.A lime that broke loose from her on "Monday night.
moorings and was carried into - "Personal Affairs" ·
The presentation, made
· Rome, April 9.
as a mid-stream with four...... oars-men. Mr. Shen: That point should not be made at the general meet-
The States. Railway discount or token of appreciation for all the Boon the lime was wet from the Mr. Bond:-Your late Europeaning. It will be ruled out.
We 70 per cent. which was in. force work that Mrs Dann has done in dashing waves and the gas es- manager gave you 23 yrs of the will have, the matter, recorded in has been prolonged up to the 28th connection with the Services, was caping from the boatload of sick- best of his life, and he was the minutes and also record that of October next, and the discount from the Services Committee of ing lime nearly suffocated the four men on board Finally & small bost, turned out into the road by your it is irregular to bring up per- of 50 per cent. for individual trips the Y.M.C.A. Directors with only a letter atat sonal affairs.
and 70 per cent, for parties MA, R. Brown, acting Chair with three men rowing it, went accorded in occasion of the Holy man of the Services Committee, out and rescued the four men. Year have also been extended to presided in the absence of Mr. P. The Junk drifted into some other
ing that they had had to dispense with his services owing to extra ren't and warehouse expenses. He was turned out at three days
Mr. Bond:-I am not bringing up my own personal affairs.
Mr. SheaYou are referring to Mr. Bond, aren't you?
the end of May. Transocean Kuo. Cassidy, and paid tribute to the boats and It was pulled ashore.
excellent won's done by Mrs. Dann. badly damaged..
Min.
FURNITURE.
DESIGN TIMBER-FINISH-OF THE BEST
EVERY STAGE OF MANUFACTURE WATCHED BY A PRACTICAL CRAFTS- MAN, TO ENSURE THE HIGHEST STANDARD OF QUALITY HAS ALWAYS „BEEN ASSOCIATED WITH THE NAME OF
+:
LANE, CRAWFORD, Ltd.
PIANOS-
FOR SALE
OR HIRE
ANDERSON PIANOS
TUNING
REGULATING
REPAIRING.
The Anderson Music Co., Ltd.
Ice House Street,
Tel. 21822.
SILVER SLIPPER]
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At
all Hotels and
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